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OnLive Closing Down, Reborn as OnLive?

by Sean P. Aune | August 17, 2012August 17, 2012 5:24 pm PDT

Rumors have been circulating most of the day that cloud gaming service OnLive was going into bankruptcy, but it appears the truth may indeed be stranger than fiction.

Through out the day there have been rumors that have ranged from all of the employees of OnLive being let go to the company going into bankruptcy protection. Up until now the company was very vague as to what was happening except to say that the gaming service was not shutting down.

The company has finally released a statement that still is somewhat vague, but does confirm that it has been purchased by a newly-formed company and will have “substantial funding.” It did confirm that some employees were let go, but it did not state how many people exactly were impacted.

OnLive says that its gaming service will continue to operate and that all announced projects, such as the one with OUYA, will continue as originally announced.

There are sure to be some more shake outs from this very suddenly announced deal, but for now it appears that if you use OnLive that you will ce able to continue doing so.

We can now confirm that the assets of OnLive, Inc. have been acquired into a newly-formed company and is backed by substantial funding, and which will continue to operate the OnLive Game and Desktop services, as well as support all of OnLive’s apps and devices, as well as game, productivity and enterprise partnerships. The new company is hiring a large percentage of OnLive, Inc.’s staff across all departments and plans to continue to hire substantially more people, including additional OnLive employees. All previously announced products and services, including those in the works, will continue and there is no expected interruption of any OnLive services.

We apologize that we were unable to comment on this transaction until it completed, and were limited to reporting on news related to OnLive’s businesses. Now that the transaction is complete, we are able to make this statement.

Sean P. Aune

Sean P. Aune has been a professional technology blogger since July 2007, but his love of tech dates back to at least 1976 when his parents bought...